E-commerce giant Flipkart-backed fintech platform super.money has launched splitStore, an in-app marketplace that enables customers to purchase products through zero-interest instalment plans. According to Moneycontrol, the platform has emerged as one of India's largest UPI applications and currently ranks as the country's fifth-largest UPI platform with more than 15 million users. CEO Prakash Sikaria told Moneycontrol that the company expects roughly 10% of its existing customer base to buy products through splitStore. The marketplace launches with a catalogue of around 6 million products spanning categories such as smartphones, electronics, fashion, furniture and home appliances. Users will initially receive a credit limit of ₹2,000-3,000, with average ticket sizes expected to remain low and customers beginning with a down payment before repaying in instalments.
According to CEO Prakash Sikaria, credit products currently account for 80-90% of super.money's revenue, but this share will fall to around 60% by December. The company aims for payments and commerce to each account for 20% of revenue, with the new splitStore product contributing up to 20% to the platform's revenue by December. The product is designed as a closed-loop, small-ticket credit product for new-to-credit users, with customers beginning with a limit of ₹1,000-2,000 and making down payments before repaying in instalments. As reported by Moneycontrol, the model can generate higher margins than conventional checkout finance, where margins typically remain in the low single digits. Unlike checkout finance where margins are likely around 2-3%, the splitStore model can generate 10-12% margins. The fintech platform will host a catalogue of products across categories such as mobiles, fashion, electronics and beauty, while its checkout will offer affordability solutions, including zero-interest, zero-fee payment installments, through potential partnerships with four to five lenders this year.
Users will initially receive a credit limit of ₹2,000-3,000, with average ticket sizes expected to remain low. The platform allows customers to shop from brands including Apple, Nothing, Nike, Adidas, Marshall, Mokobara and Snitch, while Flipkart's logistics and fulfilment network handles deliveries. Unlike traditional checkout financing, super.money is positioning splitStore as a dedicated affordability platform where customers can access the facility after completing the KYC process, without needing a credit card. The first instalment is collected as a down payment, substantially lowering credit risk. The company plans to onboard more direct-to-consumer (D2C) brands, with their contribution expected to rise to around 30% of the platform's inventory mix by the end of the year. As reported by Sikaria, the company is becoming an affiliate partner to Flipkart or D2C brands, with the fulfilment and delivery handled by Flipkart or the brands themselves, similar to Google Shopping model. The launch is one of the first attempts to rebuild the 'buy now, pay later' (BNPL) model inside a UPI app, with commerce, payment and credit housed together.
The Reserve Bank of India has been cautious about BNPL products and embedded credit at checkout. Between 2022 and 2025, the regulator issued rules requiring digital lending platforms to work with regulated banks or non-banking financial companies (NBFCs), disclose fees and annualized interest rates upfront, restrict the loading of credit lines onto prepaid digital wallets, and ensure that digital credit flows directly between the borrower and the regulated entity's bank account. SplitStore is also backed by partnerships with NBFCs, according to Sikaria. The platform has been developed in partnership with regulated lending institutions, allowing customers to split purchases into multiple instalments without paying interest charges, processing fees or late-payment penalties. Since these are aspirational and lifestyle products, default rates are expected to be much lower than similar ticket-size personal loans. SplitStore is described as a 'closed-loop' BNPL product, with super.money taking a one-third down payment upfront — a structure that significantly cuts down on risk, especially for small ticket categories such as fashion, as compared to electronics.
Beyond super.money's own app, the product is expected to become a checkout-financing option on other e-commerce and direct-to-consumer platforms. As reported by Sikaria, the company has deep partnerships with payment gateways and direct-to-consumer brands due to the Flipkart partnership. The company already offers flight bookings on its platform and plans to introduce instalment-based payments for travel purchases as well, signaling a wider push into affordability-led commerce and consumer credit. By targeting Gen Z consumers and first-time credit users with interest-free instalment options, super.money is seeking to build a broader financial and commerce ecosystem around its payments business. The company is looking to tap the growing convergence of payments, shopping and embedded credit, with the bigger market being affordability across products and services. SplitStore is designed to avoid the possible bias that comes with a 'buy now pay later' proposition: there is no revolving line to over-draw, no hidden fees, and no late-fee profit motive.
